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How Is A High Net Worth Divorce Different From Other Divorces?

January 25, 2022/in Family Law /by Virginia Lively

Divorce is often a contentious matter. Emotions can get in the way and cloud one’s judgment. Tensions run even higher for couples with a high net worth. There’s more at stake when it comes to property division, child support, and spousal support. High net worth divorce differs from standard divorce in many ways. Our divorce attorneys discuss some of these ways below. 

Property Division & High Net Worth Divorce

Couples with a high net worth have more property and assets than the standard couple going through a divorce. This means that the division of property is far more complicated, and often, more tumultuous. It requires much more attention to ensure both parties are satisfied with the outcome. 

California is known as a community property state. This means that assets and debts acquired during marriage are considered community property and are divided evenly between the parties.. The marital estate can include family homes, family businesses, retirement accounts, 401ks, pensions, IRAs, vacation homes, and any investment properties among other things. It can also include stocks, bonds, mutual funds, and offshore accounts, among other assets such as jewelry and personal effects. Often, the way in which the assets are divided is determined by the Court because high net worth marriages have complicated issues such as reimbursement claims, separate property claims, and other considerations. This process often causes resentment, especially if one party contributed to the finances more than the other. Legal fees can also run higher as couples with a high net worth typically require longer legal assistance to sort property division out, which can rack up lawyer fees and court fees. 

Spousal Support

Often in marriages with a high net worth, there is a disparity in income between the two parties. In these cases, spousal support may be necessary. In California, the courts are not under any obligation to provide spousal support, but if there is a discrepancy in income between the two parties, it will often be awarded. The amount and frequency of the payments are subject to change and vary case by case. In California, the courts usually award two types of alimony – temporary alimony and permanent alimony. They can also award lump-sum alimony and rehabilitative alimony. The courts may deem larger support payments in a high net worth case based on what they view as fair according to the couple’s standard of living during the marriage. This can be a costly decision for spouses who own their own businesses as court discretion rules heavy over standard calculations that apply to smaller estates. 

Child Support in a High Net Worth Divorce

Child support is different in high net worth cases as well as there are typically expenses that don’t apply to smaller income households. Children who come from a high net worth family typically have expenses such as private school, boarding school, or expensive competitive sports training or other extracurricular activities. Trusts are also frequently involved in these cases. As with spousal support, the judges will determine when the payments are due. Whereas in lower income brackets, there are standard calculations the courts typically rely on, in larger asset estates, court discretion is more heavily relied on for additional children’s expenses.

Get An Experienced Attorney On Your Side

High net worth divorce is typically a longer and more costly process than standard divorce proceedings. If you expect to be involved in a contentious high net worth divorce, you need the best divorce attorney on your side. Our law firm, serving San Jose, Santa Clara and the Greater Bay Area Counties, has extensive experience managing high net worth divorce cases. We offer free 30-minute consultations to those in need. Set up your consultation with Lonich Patton Ehrlich Policastri by clicking here.

https://www.lpeplaw.com/wp-content/uploads/2022/01/High-Net-Worth-Divorce.jpg 600 900 Virginia Lively https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Virginia Lively2022-01-25 16:53:122022-01-25 16:55:15How Is A High Net Worth Divorce Different From Other Divorces?

How To Create A Custody Schedule That Works For Both Parents

January 18, 2022/in Family Law /by David Patton

One of the most challenging things about going through a divorce when you have children is planning out a custody schedule that works for both parents. It’s difficult when there’s already animosity and resentment involved to come up with something that is fair and beneficial to both parents. Working with a child custody lawyer and a divorce mediator can help you and your ex-spouse create a plan that grants you both time with your child while being in the best interest of everyone involved. 

Creating A Temporary Custody Agreement

Divorces can take quite a while to be finalized. For this reason, it’s best to come up with a plan to carry you through the duration of the divorce. A temporary plan can be a very useful way to test out a custody schedule before finalizing it. You and your ex-spouse can work together to tentatively nail down days and times that your child will spend with each of you, joint parental guidelines you will both abide by when raising your child, and any financial support one parent may need to pay the other. 

A temporary custody schedule is a way to work out the kinks and see what is and isn’t working. Keeping detailed notes of any issues that arise and the dates, times, and frequency can help the judge approve a better plan once the divorce is final. The purpose of a temporary plan is to get through the divorce while you and your ex successfully co-parent.

Work With A Collaborative Divorce or Mediation Attorney to Create a Child Custody Schedule

Mediation and collaborative divorce are popular options when couples are trying to avoid litigation and all the animosity that comes with a bad divorce. You will go over all the details of the divorce with a neutral third party, such as dividing up property & assets, alimony payments, and most importantly, child custody & visitation. 

With the help of an attorney or mediator, you and your ex can work together to find common ground and to compromise. You want to do what is healthiest for your child, and a skilled mediator can help you make the best decisions based on your shared joint legal custody and physical custody. Some of the things you’ll consider when mapping out a custody schedule are:

  • Set a school schedule – The hardest part about joint custody is working out a school schedule that benefits the child. Keeping the child in school in a stable environment to complete assignments is key. If they have after-school activities, you and your spouse will need to make sure those responsibilities are divided up too.
  • Set a holiday schedule – Some parents feel very territorial over holidays and for understandable reasons. But now that you and your spouse have split up, you’ll have to break the holidays up between you, unless you plan on still spending them together.
  • Parenting guidelines you’ll both follow – When you were together, you and your spouse most likely decided on ways that you were going to raise your child. Now that you’re split up, some of these decisions may not line up anymore. Joint legal custody grants parents the right to make legal decisions on how a child is raised (including decisions such as what religion the child will be raised as for example). Coming to an agreement on these guidelines is key for creating a custody agreement you both like.
  • Appropriate boundaries for meeting new partners – It’s inevitable that you and your ex will move on and find new partners. While it’s hard to imagine now, when your split is still fresh, it is something you need to plan ahead for. When are you okay with each other introducing your child to a new partner? Making a detailed agreement on this now will prevent frustration and surprise down the line. 

If you have questions about child custody or creating a child custody schedule, LPEP Law goes over the details here. We’re based out of San Jose but serve surrounding areas, including Santa Cruz. We also offer free 30-minute consultations where we can talk to you about setting up a custody schedule that works for you and your ex. We can also help you with divorce mediation/ collaborative divorce. You can reach out to us here to set up your free consultation. 

https://www.lpeplaw.com/wp-content/uploads/2022/01/ChildCustody.jpg 600 900 David Patton https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png David Patton2022-01-18 18:15:482022-01-25 16:57:26How To Create A Custody Schedule That Works For Both Parents

What Is A Living Trust?

January 12, 2022/in Estate Planning /by Michael Lonich

Deciding what happens to your assets upon your death is an essential part of estate planning. You’ve worked hard to grow your property, and securing its transference will help preserve your legacy and pass it on to your loved ones. A living trust is created and maintained while you are alive. So, what is a living trust and why might you want to set one up?  

Types of Living Trusts

There are two types of living trusts: revocable and irrevocable. Revocable living trusts are the most common as they can be modified at any point in your lifetime by either yourself or a co-trustee (such as a spouse). Property placed in irrevocable living trusts is, as the name implies, unable to be modified or removed after it is put in the trust. In this post, we will only address revocable living trusts.

How It Works

Before you decide to create a living trust, it is vital to understand what will happen to your assets once they are part of the trust. When you place an asset within your trust, it becomes the property of the trust. Deeds and other documents will no longer be under your name, but rather be under the name of the trust. When you set up a trust, you name yourself the trustee, and have the authority to move your assets into and out of the trust should you ever want to sell or modify the assets in any way. You also name a successor trustee, who will take over the trustee role after your death or incapacity and be able to take control of your assets without having to go through the court.

Differences Between Trusts and Wills

Living trusts, like wills, are designed to ensure your assets are divided and distributed as you intend. Though the end goal of trusts and wills is essentially the same, there are several differences to consider in order to decide which option is best for you.

Unlike wills, living trusts do not have to go through the probate process in order for your assets to be passed down to your heirs. Probate can be a long and often costly process that requires involvement with the court to calculate the value of your estate and involves making sure all of your debts and taxes are paid before your assets can be distributed. The length of time probate takes varies depending on the size of your estate and the state you live in. In California, the average probate process takes between 9 months to a year and a half, but each case is unique so the length of probate varies. Probate costs are proportional to the size of your estate, meaning that the larger it is, the more expensive the probate process.

The other main differentiating factor between wills and trusts is your privacy. A will is a public document that can be viewed by anyone after your death, whereas a trust remains private at all times unless you or the trustee you choose as successor gives out your information. 

Where to Start

Creating a living trust that protects your assets and interests is a responsibility that should be left to the expertise of an estate planning attorney who will work with you to make sure everything is prepared correctly. You may do an online search and discover that you can make your own living trust and save the cost of legal fees, but if you truly want your assets and loved ones to be taken care of, an estate planning attorney will provide you with confidence and knowledge that your trust is set up according to your wishes. 

If you’re ready to begin crafting your living trust and live in the Santa Clara, CA area, or if you still are unsure what a living trust is, our experienced estate planning attorneys are here to help you. You can learn more about our living trust services here. We offer a complimentary 30-minute consultation to learn about you, provide information to make the decision that’s right for you, and answer any questions you may have. Simply fill out our contact form or call us directly at (408) 553-0801 to get started.

https://www.lpeplaw.com/wp-content/uploads/2022/01/Signing-A-Living-Trust.jpg 387 900 Michael Lonich https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Michael Lonich2022-01-12 18:13:092022-01-12 18:14:40What Is A Living Trust?

January 2022 LPEP Spotlight: David Patton

January 5, 2022/0 Comments/in 2022, Spotlight /by Lonich Patton Ehrlich Policastri
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Phone: (408) 553-0801 | Fax: (408) 553-0807 | Email: contact@lpeplaw.com

Located in San Jose, Lonich Patton Ehrlich Policastri handles matters for clients in northern California, specifically San Jose and Silicon Valley. Our services are available to anyone within the following counties: Santa Clara, San Mateo, Contra Costa, Santa Cruz, Monterey, and San Benito. For a full listing of areas where we practice, please click here.

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This web site is intended for informational purposes only and is not legal advice. Nothing in the site is to be considered as either creating an attorney-client relationship between the reader and Lonich Patton Ehrlich Policastri or as rendering of legal advice for any specific matter. Readers are responsible for obtaining such advice from their own legal counsel. No client or other reader should act or refrain from acting on the basis of any information contained in Lonich Patton Ehrlich Policastri Web site without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue.

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